WTI 68.0 -> 74.9 - consolidation / BEARS!
Daily Plan 01.08.25
WTI 4 hour:
Ever since 72.50 was hit, it has been a cascade of more bear liquidations and very strong embedded price action to the upside and now 74.90 level has been hit.
Longs should be taking profit as above this lies a strong resistance at 76.05 level, which is anticipated - major trendline confluence for major pullback.
*This has actually been a successful trade idea since 68.00 level and was based on liquidity. It was also due to the fact people were mass shorting and pricing in a Trump election win when oil fundamentals were very bullish. Or some may just call it seasonality!
We need to observe for resistance to build between 76.05 - 74.90 levels to add shorts and a bias flip will be in play only by breaking under a daily pivot.
Trade Plan!
Continued buying above 73.90, long to the next levels:
- 74.90 , 76.05
Strong selling below 76.05, short to the next levels:
- 73.90 , 72.50
Daily pivot is 74.00